EV batteries: Panasonic to invest $4.9 billion in EV batteries and supply chain software

New Delhi, Panasonic is joining the high-growth electric vehicle market, with plans to invest nearly $4.9 billion in automotive batteries, supply chain software and cyber-physical systems, among others .

The Japanese company said that to achieve its future goals, the group needs to invest 400 billion yen (about $3.26 billion) in “growth areas” and 200 billion yen (about $1.63 billion ) in the “technological pillars” respectively in three years, starting from fiscal year 2023. to 2025.

As part of the company’s medium to long-term growth strategy, it will invest in automotive battery business, supply chain software business, air quality and air conditioning business. , hydrogen energy and CPS (cyber physical system), he said in a statement.

“While maintaining financial discipline, the group should make group-wide strategic investments with cash generated from improved competitiveness, as well as investments made by each operating company,” the company added.

It is also targeting a cumulative operating profit of 1.5 trillion yen over the period.

The group aims to reduce the impact of more than 300 million tonnes of CO2, which is equivalent to around 1% of total global emissions (to date) by 2050.

Last year, the company reached a $7 billion acquisition deal with supply chain AI software provider Blue Yonder.

Previously, Panasonic formed a joint venture with Toyota specializing in automotive batteries.